MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Firmer Following CPI; Curve Bull Steepens

GILTS

Gilt futures are +50 ticks at 97.51 following this morning's CPI print, though still operate around 40 ticks short of yesterday's best levels. Yesterday's high of 97.95 remains the first resistance, though better is seen at the 98.62 (20-day EMA).

  • A reminder that today's print is not as soft as it appeared at first glance, with services CPI only just below the BoE's Feb MPR forecasts and driven largely by a downside surprise in the volatile air fares component.
  • The cash curve has bull steepened, with 2Y yields over 10bps lower today (though still above Monday's close following yesterday's strong domestic wages and US CPI data).
  • BoE-dated OIS contracts price 69bps of easing through 2024, down from 72bps post-data. The SONIA strip is now +1.5 to +10.5 ticks through the blues, off intraday highs but with the back of the whites/reds still outperforming.
  • A reminder that the bidding deadline for today's 10-year Gilt supply (GBP3.75bln of the 4.625% Jan-34 Gilt) closes at 1130GMT (as is normal for an auction on CPI release day).
  • BoE Governor Bailey testifies to the House of Lords Economic Affairs Committee today at 1500GMT.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.